Noticias de ultima
  • 12.00 Legalization of gambling and casino reopening in Brazil
  • 12.00 CPI on Sports Betting open to hear the Brazilian Football Confederation representatives
  • 12.00 President of Uzbekistan Signs Decree to Regulate Betting Activities
  • 12.00 Australia: Casino dispensed millions of dollars by mistake
  • 12.00 Minister Mkhitar Hayrapetyan visited Digitain
  • 12.00 CT Interactive’s team visited SIGMA Brazil 2024
  • 12.00 Amusnet Strengthens its Spanish Presence with Platincasino.es
  • 12.00 More Than 2,500 Gambling Sites Blocked in Ukraine
  • 12.00 Merkur Dosniha and Spintec, an extraordinary partnership for the Spanish market
  • 12.00 Sands Representative Discontent Over New York's Delay in Granting State Gaming Licenses
Legislation

The Legislative Assembly of Macau has granted definitive consent to the new Gaming Credit Legislation

Tuesday 16 de April 2024 / 12:00

2 minutos de lectura

(Macau).- Macau’s Legislative Assembly has unanimously passed a new gaming credit law, which will come into force next August 1st. The new legislation, officially the “Legal regime for granting credit for games of chance in casinos”, was first passed by the Legislative Assembly on 18 May last year. The Second Standing Committee of the Legislative Assembly, after nearly a year’s discussion, passed the final vote last Friday.

The Legislative Assembly of Macau has granted definitive consent to the new Gaming Credit Legislation

The law stipulates that gaming credit can only be issued by Macau’s six concessionaire, and that junkets cannot issue credit. They can, however, an agency contract with a concessionaire to borrow money on the concessionaire’s behalf, with chips lent and recovered belonging to the concessionaire all along.

When the law was first announced by the Executive Council, there was still a provision allowing junkets to carry out lending activities, but this provision was deleted during subcommittee discussions.

The new legislation provides for the Chief Executive to disqualify a concessionaire from issuing credit if it is deemed to be in the significant public interest but does not specify what constitutes such significant public interest.

Penalties have also been substantially increased. If a concessionaire fails to set up a credit risk regime, establish a credit record system and a sound customer complaint mechanism, or if it transfers its credit eligibility to another person in any form, it is liable to a fine of between MOP$2 million and MOP$5 million.

If a gaming junket violates the relevant ordinance, it is liable to a fine of MOP$600,000 to MOP$1.5 million.

The Secretary for Economy and Finance, Lei Wai Nong, said, “The law has stipulated that when the grantee company is borrowing money, they have to make a risk assessment and regulate the management of this, as well as record the information, which is regularly supervised by the DICJ.”

IAG previously interviewed representatives of Macau junkets about the law, whop generally believe they will be heavily impacted. “If a new client wants to borrow, we (gaming junkets) can only refer it to the grantee company, but the grantee company needs to re-approve the client, and this may take some time,” one rep said.

“This will undermine the need for gaming junkets. If the customer feels that the concessionaire can lend, why would he or she need to go to a gaming junket?”

Categoría:Legislation

Tags: Sin tags

País: Macao

Región: Asia

Event

GAT EXPO CARTAGENA DE INDIAS 2024

09 de April 2024

Why to invest in Paraguay?

(Cartagena de Indias, Exclusive SoloAzar) - During the conferences organised at the GAT EXPO 2024 fair, Dr. Carlos Augusto Liseras Osorio, president of the National Gaming Commission, (CONAJZAR, in its original) asked this tacit question, to highlight the advantages and benefits of investing in the Republic of Paraguay, and also notifying the audience about the upcoming tenders for 7 land-based casinos in that country.

Monday 29 Apr 2024 / 12:00

Novomatic's innovative offerings and market insights: a recap of our presence at GAT Expo 2024

(Cartagena de Indias, SoloAzar Exclusive).- Manuel Del Sol - CEO at NOVOMATIC Gaming Colombia, gave an overview during the interview with SoloAzar, focusing on the innovative products presented at the event, the good reception from visitors, insights on the Colombian iGaming market, the latest technological trends incorporated into the platform, and the firm's approach to regulatory adaptation in the Latam market.

Friday 26 Apr 2024 / 12:00

Miguel Ángel Ochoa in GAT: "No casino has been closed due to money laundering or drug-related issues"

(Cartagena, SOLOAZAR Exclusive). One of the most interesting moments of the 25th anniversary edition of GAT Expo in Cartagena de Indias was undoubtedly the AIEJA panel dedicated to the Mexican gaming market. In this note, we review the key segments of the intervention of Miguel Ángel Ochoa, the president of AIEJA on that day.

Friday 26 Apr 2024 / 12:00

SUSCRIBIRSE

Para suscribirse a nuestro newsletter, complete sus datos

Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.

PODCAST

MÁS CONTENIDO RELACIONADO